Sealed Air CEO on Charlotte: 'The best combination we could find'

Moving Sealed Air Corp. (NYSE:SEE) to Charlotte will likely become a defining mark for Chief Executive Jerome Peribere.

Peribere (pronounced perry-bear) was promoted to CEO of the packaging company in 2013, and not long afterwards, he began contemplating a headquarters consolidation. His company’s three divisions were flung across several states and countries. Much like MetLife Inc.’s (NYSE:MET) recent move here, Peribere wanted to bring all headquarters functions under one roof, along with key research and development operations. He picked Charlotte as his new home.

Peribere, a Frenchman, says he will move to Charlotte and relocate 1,262 jobs to a new campus to be built in southwest Charlotte. The executive has been with the maker of Bubble Wrap since 2012, when he was hired away from The Dow Chemical Co. (NYSE:DOW), where he spent 35 years.

Peribere answered an array of questions from reporters on Wednesday after announcing his plans to bring Sealed Air to the Queen City. These are edited excerpts.

When did this relocation process start?

It started last autumn. I had an insight and wondering about how do I bring our three divisions in to become one company. We have subsidiaries that are the result of several acquisitions. We’ve never been in one place. In January and February, with the seed planted, we talked to the board, who said, “That’s a good idea. Why don’t you investigate.” This whole thing was then discussed at the board meeting in April, and here we are. Now it’s time to start using the shovels.

We know Greenville, S.C., was a finalist. What other cities did you consider?

We looked originally at five states. Then we quickly moved down to three and then two and now here we are.

How many of the jobs will be new local hires compared to relocations?

We haven’t determined exactly. A number of people will be coming from overseas and people coming from Wisconsin, Connecticut, New Jersey and South Carolina. It will depend on how many people will be willing to relocate. But I wouldn’t be surprised if that number is quite high.

Why did Charlotte win?

Cost of living is affordable. Schooling is good. Airport is international — and you need to know our products are sold in 170 countries and we manufacture in locations all around the world. We have manufacturing in 120 locations. We need to be able to get in and out. I spend about 200 days on the road. I don’t have a company jet, and I don’t intend to buy one.

The fact that American Airlines’ second-largest hub is here is important. We have looked at other states with very big airports also. This is the best combination we could find.

Where will you be located?

We are going to be building a campus. It hasn’t been determined yet, the location, but it’s probably going to be in the southern part of the city, close to the airport. We’re talking about hosting 1,300 people. So bigger than I originally thought. We will have temporary offices with people starting to come very early next year and gradually in several waves. We have consulted with several companies on how to do that. Our expectation is to have these buildings ready in two or three years from now. So, let’s say Q3 or Q4 of 2016, we want to have everybody here. I have some people dying to come quickly.

How important were the tax incentives?

They were part of the equation, but not the only equation. They are important because this is going to be a big, big investment. North Carolina was very aggressive. They are good people. I’m not going to comment on whether they were the most aggressive in terms of financial incentives, but when you combine all I talked about, including the financial incentive, they work on return on investment. Your governor is a very good salesman.

With incentives, you have some people who are price buyers and some who are value buyers. When you’re a value buyer, you take everything into consideration. North Carolina has won because we believe that’s where we have the best combination.

Charlotte recently lost the Chiquita headquarters shortly after it relocated. Can you make a commitment to staying here?

We’re not going to build a building for 1,300 people lightly. The last time we chose a headquarters was when the company was founded and created. So, we’re here to build, and we’re here to stay.

You’re moving research and development here, too. Why is Charlotte a good place for that?

Right now we have labs in several places around the world. So what you do when you’re a company like ours is separate expertise centers and application centers. You can’t have many expertise centers around the world or you don’t have critical mass. We now can have our research with the business. When you can join at the hip business and R&D together you can win.